11:44 AM EDT, 10/25/2024 (MT Newswires) -- BM Technologies ( BMTX ) said Friday it has struck a deal for First Carolina Bank to buy the firm for $5.00 a share in cash with an equity value of about $67 million.

The company said it expects to complete the deal in Q1. BM Technologies ( BMTX ) will continue to operate under its own brand, led by President and Chief Technology Officer Jamie Donahue.

Both companies' boards have approved the merger, which still requires the approval of BM Technologies' ( BMTX ) stockholders, according to the company.

The shares were up about 48% in recent trading.

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